Russia's largest bank, Sberbank, is hoping to provide cryptocurrency asset custody services and aims to lead in the development of digital assets in Russia.
Sberbank's proposal to regulate cryptocurrency assets similar to bank accounts helps ensure Token safety while enhancing convenience and protecting transactions against cyber risks.
MAIN CONTENT
Sberbank proposes to implement cryptocurrency custody services similar to bank accounts.
What role does Sberbank expect to play when providing cryptocurrency asset custody services in Russia?
Director of alternative payment solutions, Mr. Anatoly Pronin, confirmed that Sberbank aims to lead the Russian digital asset market through custody services, leveraging international trends as many foreign banks have implemented similar services.
Sberbank is actively working with the Central Bank of Russia to establish a suitable legal framework to optimize the management and storage of domestic cryptocurrency assets.
Why does Sberbank want to regulate cryptocurrency assets similar to bank accounts?
This proposal helps establish a strict management mechanism, managing cryptocurrency assets like traditional accounts, thereby enhancing safety and reliability for users, in line with global legal trends.
Managing cryptocurrency assets similarly to traditional financial instruments is an important step to enhance customer protection and transparency in transactions.
Anatoly Pronin, Director of alternative payment solutions at Sberbank, 17/07/2024
How does Sberbank's Token custody service protect users?
Sberbank is committed to ensuring maximum safety for custody Tokens, minimizing hacker and fraud risks. When there are signs of violations from authorities, assets may be frozen according to regulations to protect user rights.
This approach not only protects customer assets but also facilitates safer and more transparent cryptocurrency transactions.
Providing secure digital asset custody helps promote the stable development of the cryptocurrency ecosystem in Russia.
Anatoly Pronin, Director of alternative payment solutions at Sberbank, 2024
How does Sberbank's management of cryptocurrency assets differ from traditional methods?
Unlike users self-storing the Private Key, Sberbank's custody service focuses on protecting Tokens under the bank's supervision, helping to prevent losses due to hackers and personal errors.
Custody Criteria at Sberbank Personal Storage Safety High security assurance, reducing hacker risk Dependent on user skills, easy to lose Private Key Legal management Compliance with Russian laws, may be frozen if necessary No control, legal risks Convenience of transactions Increased convenience with professional banking services Requires manual operations, risk of errors
Frequently Asked Questions
What is a cryptocurrency custody service?
Cryptocurrency custody is a professional asset management and protection service, helping users avoid losses and secure assets to the maximum.
In what cases can Sberbank freeze cryptocurrency assets?
When authorities suspect legal violations, Sberbank can temporarily freeze assets for investigation.
Does custody service help reduce hacker risks?
The custody service provided by the bank has an advanced security system, significantly reducing the risk of asset loss due to cyber attacks.
What are the benefits of managing cryptocurrency assets according to the law?
Regulatory management increases transparency, protects users, and creates a healthy and sustainable cryptocurrency business environment.
Which agency has Sberbank collaborated with to develop this service?
Sberbank works closely with the Central Bank of Russia to build a suitable legal framework for cryptocurrency custody services.
Source: https://tintucbitcoin.com/sberbank-trien-khai-dich-vu-luu-ky-tien-dien-tu/
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